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Transatlantic law firm mega merger
There are twice as many cows as people in Montana and so perhaps it is not surprising that it is the first US state to have beef with TikTok. The Chinese-owned social media company is now suing Montana to stop it from banning the app over national security concerns. The Governor has said that while a ban will prevent human Montanans from following their favorite TikTokers, it is unlikely to affect the cows who are more into following the herd.
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🐄 TikTok sues Montana in effort to stop it banning the app over national security concerns.
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🇯🇵 Japan’s Mizuho will buy M&A advisory firm Greenhill in $550 million deal.
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Credit: John Michaels/Alamy/The Guardian
Transatlantic law firm mega merger
UK ‘magic circle’ law firm Allen & Overy is plotting a merger with New York-based Shearman & Sterling. This merger would create one of the world's largest legal practices with combined revenues of $3.4 billion but is subject to approval of partners at both firms.
Allen & Overy reported revenues of £1.9bn and employs 5,800 staff globally, making it the larger partner in the merger. Shearman & Sterling reported revenues of $907m last year and has a workforce of 1,350 staff.
This is the first major merger between a London law firm and a US rival since 2000, when Clifford Chance merged with Rogers & Wells in what has become a cautionary tale. The average profits per equity partner at Shearman & Sterling were $2.48 million last year, which is more than Allen & Overy’s $2 million, and this is kind of the problem. Why would top talent stick around if they can earn more elsewhere?
The content we're consuming today
NY Times: The E-Sports World Is Starting to Teeter ($).
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Off-balance sheet items
My friends and I have recently begun meeting monthly to eat and review chicken schnitzels. While searching for a scoring system, I came across this funny 2005 article about the rules of a burger club – it might be something to start off in your office.